TomHall

Bitcoin/U.S. Dollar - Intraday Trend Change ( Bullish Sign )

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Symbol: BTC .USD - Bitcoin
Timeframe: Weekly, Daily and 4 hour
Predicted Direction: Neutral
Key Levels:
$3,700 Daily 50EMA / Descending Trendline
$4,400 Weekly Descending Trendline

BTC .USD updates will be available in the comments section below.
Comment: The deep consolidation period is now underway.
I anticipate a $3,500 retest of support prior to continued acceleration.
Tom. You are the one who told me psychology is the biggest factor in these types of markets.
Do you not find it odd at all, where Bitcoin rallied TO, and was subsequently denied?
This looks like a textbook short fill to me. Bitcoin retraced exactly 50% of what some would consider an Elliott 3rd wave downwards.
Psychology is telling me that this is too easy - just like the inverted head and shoulders that trapped everyone.
It just so happens, that all of this happened right before the weekly close for Bitcoin.
Also, MASS amounts of Crypto have been on the move the past few weeks, especially XLM and XRP.
Pay no attention to what is on this chart. Just pay attention to the highlighted boxes. Every single one of them was a short fill IMO.

+1 Reply
deactivatedaccount123 deactivatedaccount123
@deactivatedaccount123, Also something to keep in mind. Considering price got SO CLOSE to the 200 MA on the weekly, why didn't we reach and test it for support?
This alone is a massive red flag to me. I feel like there was a reason we didn't re-test the 200 MA. I feel like that reason, is because so many people were waiting to buy there. How do you inflict maximum pain in this market due to psychology? Get the price very near the 200 MA. Force the price up on a short-fill, while simultaneously causing people to FOMO in thinking we're superbull since we didn't even test the 200 MA. Then, drop it on its face, trapping longs and causing them to close their positions or get liquidated, adding fuel to the fire.
Nudge it in the direction you want, and let the market do the rest.
This is textbook bear psychology IMO. What do you make of all this?
+2 Reply
TomHall deactivatedaccount123
@deactivatedaccount123, I agree, Bitcoin in my opinion is psychology based. However, as more structure levels accumulate over the months, technical analysis also plays it's part.
For me there is no trading opportunities until we break either $3,100 to the downside or $6,130 to the upside.
Patience is required across majority of the Crypto market.
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BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture.
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@Boon2, Great setup!
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Boon2 TomHall
@TomHall, Cheers, lets see if we get a nice internal C up to complete the structure.
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